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We study the mobile phone-based money transfer system in Kenya. Based on aggregate data, we estimate that the velocity with which units of e-money are transferred among users is approximately four times per month, and that the average number of transfers undergone by a unit of e-money between its creation and destruction is approximately one. Most M-Pesa transactions are made by frequent users. Examination of data on withdrawals shows a high frequency of small withdrawals and no response to "notches" in the price schedule, indicating that many users seem to have high implicit discount rates.

This paper develops a unified growth model that captures the historical evolution of population, technology, and output. It encompasses the endogenous transition between three regimes that have characterized economic development. The economy evolves from a Malthusian regime, where technological progress is slow and population growth prevents any sustained rise in income per capita, into a Post-Malthusian regime, where technological progress rises and population growth absorbs only part of output growth. Ultimately, a demographic transition reverses the positive relationship between income and population growth, and the economy enters a Modern Growth regime with reduced population growth and sustained income growth. (JEL J13, O11, O33, O40)

Machine generated contents note:I.Finance and Capital Allocation --1.Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya /Patricio Valenzuela --2.Challenges in Banking the Rural Poor: Evidence from Kenya's Western Province /Jonathan Robinson --3.Financial Sector in Burundi: An Investigation of Its Efficiency in Resource Mobilization and Allocation /Prime Nyamoya --4.Were the Nigerian Banking Reforms of 2005 a Success ... and for the Poor? /Lisa D. Cook --5.Misallocation, Property Rights, and Access to Finance: Evidence from within and across Africa /Bent E. Sørensen --II.Mobile Phones --6.New Cellular Networks in Malawi: Correlates of Service Rollout and Network Performance /Deric Zanera --7.Mobile Banking: The Impact of M-Pesa in Kenya /David N. Weil --III.International Trade --8.African Export Successes: Surprises, Stylized Facts, and Explanations /Ariell Reshef --9.AGOA Rules: The Intended and Unintended Consequences of Special Fabric Provisions /Robert Z. Lawrence.